on the middle of. the grocery there's ford ferociousness because they failed to recognize the moment a derived enough product it was in campaign of colonization that exploded religion in the move the cross the crusades an arab perspective the final episode liberation of this time on the jersey you know. i'm adrian figure this is counting the cost of a serial weekly look at the world of business and economics this week blame it on briggs it's one trillion dollars worth of assets shifted out of the u.k. we'll follow the money. also this week changes in the air we'll take a look at trends shaping the airline industry in the year to come. smarter and internet connected gadgets on show in las vegas. as

things stand in just two months time the u.k. will leave the european union the divorce is being viewed as a political issue but it's economic impact is undeniable one industry in particular is bracing for a seismic shock london's financial services industry the square mile as it's known is the baiting heart of the u.k.'s financial services industry and its status as europe's financial capital is under threat a report published this week estimated that banks and other financial companies have shifted at least a trillion dollars worth of assets out of the country and into the european union setting up new offices in places like frankfurt joining us now via skype from leone in france is. the managing director of frankfurt mine finance good to have you with us on counting the costs one trillion dollars worth of assets have already been moved out of the u.k. . say so briggs it is already having an impact on the u.k.'s financial services

sector how much more money will will be will be lost this figure came out just a few days ago from e y. and we expect at least the same amount of money to also be moved. we alone have a very clear indications that about eight hundred billion of us dollars in assets will be moved into frankfurt was going this year and what about jobs. how many are we talking about jobs being lost in london jobs being moved from london to to europe or jobs being created locally in europe. like you said there will be various ways in which jobs will be impacted the latest study which came out by iraq he said about seven thousand jobs i expected to

be in two thousand and ninety eight i think that's a that's a fair assessment but first of all already before a few thousand jobs have been moved and depending on the outcome of the final results another couple of thousand jobs may or may not be moved depending on that. how would that impact people having to move from london into into continental europe these are very hot estimate to make because the majority of financial institutions will try to recruit on the continent you do not find a stampede of people that that line up because for moving it's london is a very attractive city it's a very attractive financial center and it will remain to be able so most people will very likely try to stay there and it will be only a minority that would make consciously the decision to move and

but what we see is particularly people who originally come from continental european countries their willingness to move is quite high much higher than logically people who are born and raised in the u.k. what impact is brics that having so far on companies on the continent particularly in germany when it will have a significant impact on corporates why is that the case london as of today is particularly for the. comp companies the place to go to find financing particularly international large fine. to do risk management and and they will have to shift some of that business because london is likely going to lose its so-called passport he writes these past putting rights would allow

financial institutions of london to sell sea services on to corporations on the continent not all but some of that would be questioned and some of that would be lost those rights so the companies will then have to relocate some of those financing activities onto the continent the most prominent example is likely going to be so-called interest rate derivatives what companies insure some cells against changes in interest rate by futures and options and o.t.c. derivatives this is very likely having to be moved onto the continent and that's what we see a lot of companies are already in the process of doing i want to ask why all of this matters to people like you and me and anyone watching london's financial

services industry pumped a lot of money back into the british economy could brigs it trigger a recession in the u.k. and what's the financial outlook for germany as well is that country teetering for a technical recession teetering towards a technical result certainly does harm to the u.k. our economy and looking from the outside one may wonder why obviously the u.k. is doing harm to itself in that situation but that is something which which is to be tipped to be given because the people wrote it and at the end of the day the people the parliament will have to come up with a final decision we're not questioning that. and. and like i said before we still do not know what the final out. if we will end up with something like the norway model which cannot be ruled out we cannot even rule out a second referendum i don't consider it to be very likely but i'm certainly not ruling it out and then

a lot of these negative impacts maybe grow back so we eventually will not have them but why is that going to happen well it's a political decision at the end of the day and how is it going to impact germany. the impact is bad we very clearly believe that price it is bad for the european union it's bad for germany but it's worst of all for the u.k. . great to talk to many thanks there for being with us thank you very much for european medical professionals are also facing an uncertain future if they remain in the u.k. al-jazeera is lawrence lee reports now from london of what impact that's having on key services in the health industry. remember this it was one of the reasons leave one in the backseat referendum take back all the money the u.k. gives to the european union and spend it on the british health service instead it proved a very powerful message but how to square that with alice sandra's story by the

time he'd left italy for london he had a master's degree and four years specialist experience in mental health this is starting salary in britain was around twenty five thousand dollars a year under the government's new proposals he would never have been allowed into the u.k. because that salary would be too low for him to get to work permits to brick says i know who is going to pay for the visa for working visa in the future for obviously a lot of people decide to don't apply. meanwhile even in this period of the thirty nine on the net or three years very early on they they will sign up before for example in the u.k. rather than. ten thousand and. two yes sagal as it stands there are one hundred thousand unfilled roles in the british oil service and warnings about to the looming crisis as european nationals leave the country the royal college of nursing

is so worried it has joined the campaign for a second referendum calling for a rethink about leaving the school there's something quite challenging about thinking that highly skilled always means highly and what we need to do is really think about in the public sector what is the value that people bring in the eyes a minute. it's often in terms of the skills that i have so i think we need to think differently what's happening in the health service reflects a bigger question is immigration really the problem it's a say sees there are two entirely conflicting narratives at play in the u.k. at the moment the government's arguing that there is far too much european migrant labor and is taking away jobs from british people but at the same time the government can run. cell phone having read called low unemployment's it does rather raise the question if the government does what it says it wants to and reduce european immigration by eighty percent then who exactly is going to do all the work

there is an argument in cabinet between people who really care far more about restricting immigration than about the u.k. economy led by the prime minister and the rest of the cabinet and of course the business community who want to make preserving the interest of the economy a priority and that hasn't been resolved like having argued that the u.k. was at breaking points because of uncontrolled immigration and politicians are now presented with a chance to reducing is in will this lead if that happens the country will find out where the migrants are such a problem to rule. still to come on accounting the cost greece's crowdfunding plea to buy new warships. but first last week we had a shock profit warning from apple this week samsung electronics cut its revenues and profit full costs the south korean tech giant is the world's largest smartphone maker it's predicting a drop in fourth quarter profits because of weaker demand for its chips and the

competitive phone market al-jazeera is rob randall's gauge the mood at the consumer electronics show which kicked off this week in las vegas. four thousand companies from dozens of countries rolled out new products at the consumer electronics show l.g.'s new flexible t.v. screen made a big star. l.g. has an only ad t.v. sixty five inches that rolls down and disappears from view into a box that is the first roll both flexible screen that we've seen produced from a major television manufacturer the price tag around three thousand dollars this year there's an air of anxiety in these corridors tech stocks have been tumbling on wall street apple made a surprise announcement it would miss sales targets blaming weak demand in china chinese telecommunications giant weiwei is here even though its chief financial officer is under house arrest in canada fighting american efforts to put her on

trial for fraud you know major chinese tech executives are attending c.e.o.'s giant tech companies are displaying smart home devices face recognition systems and more big picture products and then there are guys like golly rows of who got tired of folding all this kid's laundry but we have piles of laundry always waiting to be folded and who doesn't rows of the appliance called fold of eights will go on the market later this year price that about a thousand dollars on the corky side c e s twenty nine hundred features wearables for pets smart phone controlled doggie doors and a baffling proliferation of internet connected intelligent toilets there are plenty of items here that are fascinating and some will prove to be big hits with consumers others frankly nobody really needs but there's no

truly revolutionary technology on display here at c s in fact many analysts would argue that the last really big innovation was the smartphone introduced by apple nearly a dozen years ago the next big wave might be household devices with advanced artificial intelligence or a online this is one example. elec you build as a digital companion for elderly people living alone i try to be. present. companies are charging ahead with that will become deeply embedded in people's lives all with little regulation or public debate the impact of this technological evolution will change human relationships and society in the coming decades for better or for worse. these days the buzz in the motoring sector is all about self driving electric cars meanwhile traditional car makers are under pressure to stay profitable if they don't thousands of jobs around the world could be at stake this

week ford said that its shifting and restructuring its entire operation in europe the revamp is likely to result in thousands of job losses the car manufacturer employs approximately fifty three thousand people in europe across fifteen plants britain's biggest carmaker. is also set to announce cuts. reports. it is the country's biggest carmaker employing more than forty thousand workers in the u.k. but jack you are landrieu is in trouble and struggling to turn a profit reviving the luxury brands fortunes means cutting jobs for half thousand are expected to go most are in management and marketing some production jobs might also. be companies being hit by a perfect storm of problems sales in china one of his biggest markets have slumped

trade tensions with the u.s. have led to a fall in consumers making big purchases the company's also been affected by fall in global demand for diesel cars ninety percent of his production. and i hope there are big worries over the u.k.'s competitiveness post breaks it the company says a batiks it deal could cost it one and a half billion dollars a year the government's promising to help those who have lost their jobs it is a brilliant skilled workforce it's a real asset to this country and whatever the terms of the announcement we will do everything that we can to make sure that they can find jobs that make use of their they really valuable skills this isn't the first blow to job to a land rovers workforce the company owned by india's tata motors already cut a thousand temporary contract workers at its plant near birmingham it also recently

announced it would move all production of the land rover discovery to a new plant in each member slovakia employing three thousand people jack your land rover has been forced to streamline it is the pay for reality of uncertain times costing thousands of people their livelihoods staying with transportation illegal drone use hitting air departures briggs it worries about the global economy volatile fuel prices and an ongoing blockade here in the middle east challenge is already mounting up for the aviation industry and twenty nineteen the international air transport association nevertheless predicts that more of us will want to travel by air in the year ahead. well joining us now from london is peter morris peter is a chief economist at flight ascend consultancy peter good to have you with us on counting the cost before we talk about the outlook for the aviation sector in twenty nineteen let's let's deal with the question that everybody wants answered

the cost of flights are they going to go up or down in twenty nineteen one of the key drivers behind that is what fuel prices are going to do and at the moment it looks like fuel prices are going to be lower and twenty nine thousand and twenty eighteen so other things being equal you'd expect some reduction in price what impact is briggs it's it in whatever form breaks it eventually takes likely to have on the aviation sector within europe well i think i go back to what you're a star said to a parliamentary inquiry in twenty sixteen when they were posed the question what are the positive elements that occur from bracks it for transportation to or from the u.k. and they said bluntly there are none and i would reiterate that from an aviation point of view in fact it's a complete disaster from the point of view of the regulatory front where the u.k. has been involved in the european common aviation area and now we would have to take rules from that rather than be part of the room making process we've got all

the issues of that a decline in demand following the devaluation of the pound and ultimately air transport follows where the g.d.p. growth is and all the four car show that breaks it is going to have a significant impact on the u.k. g.d.p. which will mean less demand in and out our let's let's take a look at a in the stablished market the us on the outlook for for aviation in twenty nineteen there and a fast growing market china world that two ends of the spectrum really in terms of the kind of development phase you're seeing in china those something like ten to fifteen percent growth in traffic has occurred for the last decade. also and inevitably that has meant that the various pressures of come on as regards infrastructure as regards the stability of the individual airlines but then that's consolidated to some degree and you've carried on seeing that desire to travel

which particularly follows the g.d.p. at the other end the spectrum will lead shoes that happened in the us regarding security and the problems of now traveling short distances it stops of come easier to drive all videophone or whatever it is and that is dampened the gearing between g.d.p. growth and the actual growth in traffic and it's a mature market in other words and at the other end the spectrum you've got a dynamic growth market in china so you're almost seeing the whole spectrum net to some degree the question is what the next iteration in north america is because north american ascend has given aviation to the world in terms of. a deregulated business models all be getting there first in the sheer size of that market so you are starting to see

a tailoring offer growth of around four to five percent rather than the six to eight percent you're seeing generally around the world and none the less sure seeing half the profitability of the entire aviation business is coming out of north america with less than twenty percent of the traffic so it sort of brings home that that consolidating business model has been good for shareholders and i think we have to debate just how good it's been for consumers at the same time here in the middle east of course the blockade on cash continues that's not just cats are always put but all of the that the middle east carries what's the outlook and in twenty nineteen for middle east carriers were there needs to be a resolution of the. political problems and obviously that isn't something the aviation business is going to do if it turns self but it's damage the the business of all the major players in the middle east and it's damaged their economies as

well so to my mind looking from the outside there has to be some kind of resolution in order to facilitate the kind of levels of growth in middle east carriers saw before that did actually change the shape of aviation for the better it provided more customer choice for more destinations more origins around the world and at the moment you've got the problem that within a craft orders going through and the aircraft being delivered the question is where those carriers are going to put those a craft on the routes and it's becoming challenging while you have these political issues peter great to talk to you on cutting the cost many thanks dave for being with us thank you. finally this week greece is asking its citizens to contribute some of their own money so that it can buy new warships but it may have to look abroad for funding. reports from athens. greece is thirteen frigates form the backbone of its navy but they are now three

decades old refitting them would cost more than half the price of a new fleet and without the capabilities so the heloc navy is looking for a brand new fleet and it's taking donations galligan fairly limitless those i call on great ship owners and greek citizens to contribute something from their surplus in a special account set up to acquire a new fleet of frigates and a new flagship greek defense spending has fallen by forty percent to six billion dollars during a decade of recession and even though it's still one of the biggest spenders in nato greece says it cannot afford new equipment and its traditional rival turkey now spends three times as much the problem is greeks already have the highest taxes in europe in an attempt to pay off the national debt and half the population still owes the government money. no i won't contribute the country has much bigger priorities than buying weapons we need better salaries better pensions better health care and education all the things that make

a country civilized and where greece has fallen behind the european union is a real union it will help with our defense complicating matters to former defense ministers are now in jail for embezzlement one of them for the contracts that upgraded the frigate fleet with greeks overtaxed at home the defense ministry is looking to greeks living abroad and the merchant shipping community these communities produced a rescue plan once before it was a donation of seven million gold francs that enabled greece to make a down payment of almost a third of the value of this crew in one thousand the george avert of ball the name of its benefactor and helped greece defeat the ottoman empire. second time and double its territory in the balkan wars now as then the navy wants to extend its range this time to cover its exclusive economic zone or easy as well as that of cyprus where hydrocarbons have recently been discovered well supposedly one of the

reasons of the greek fleet wants to update in the last revised upwards is the fact that it's now being called upon to safeguard the easy between. greece and cyprus which is in the east med very far from where it's used to prowling sensually becoming for what they call green water navy to a blue water navy greece has long relied on the generosity of individuals and greek ship owners a constantly helping the armed forces but fleet renewal costs many billions of dollars to cover it greece will need friends as well as family. that's for this week if you'd like to get in touch with us about anything that you've seen you can contact me directly i've got a finnigan on twitter please use the hash tag a j c t c when you do or you could drop us a live counting the cost of al-jazeera dot that is our e-mail address as always there's plenty more for you on line at al-jazeera dot com slash c.t.c.

that takes you straight to our page and there you'll find individual ports links even entire episodes for you to catch up on but that's it for this edition of counting the cost i'm adrian finighan from the whole team here at doha thanks for being with us the news of al-jazeera is next. sure turnings of hope. and inspiration and. personal stories of people who live keeping the spirit of freedom alliance. by courageously defending now rights to be heard. as that's what i'm going to be good to. al-jazeera selects. and this is different is that whether someone is going for someone of a reference that's going to mean nothing it's how you approach an individual and

often it is a certain way of doing it it's a conscious in and it's a story and fly out. taiwan. a sovereign island state or a renegade province of china that must soon return to mainland control. as the battle for taiwanese hearts and minds intensifies. people in power investigates the tactics of those to whom reunification is only a matter of time. taiwan spies lies and prostrate cars on our josie.

this is al jazeera i'm ted you navigate with a check on your world headlines the british parliament will vote on a deal to leave the european union on tuesday prime minister to resign may is urging m.p.'s to take a second look at her brick said agreements but she's likely to be defeated or insley has more from westminster to reason may spend the whole of the day and the evening trying to persuade a still deeply skeptical parliament.